Venom Ventures Fund Pledges $5M Strategic Investment In Everscale Blockchain

Venom Ventures Fund, a Web3 and blockchain innovation fund led by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has announced a strategic partnership with Everscale, a premium blockchain aimed at solving scalability issues in the Web3 industry.

The Venom Ventures Fund has committed to a $5 million investment in Everscale to help it further expand its development teams and increase the number of projects. Investment will be phased based on indicators of progress and cooperation.

For the past two years, Everscale has been diligently working to expand its reach and integrate technology solutions in Asian countries, while also building a strong community. Dynamic sharding technology allows it to efficiently adapt to changing workloads, making it an easy and practical option for building large-scale Web3 and other types of applications.

The Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with the Venom Foundation, the first officially licensed and regulated Tier-1 blockchain operating within the Abu Dhabi Global Market (ADGM).

Peter Knez, former CIO of BlackRock and Chairman of the Venom Ventures Fund, said, “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we are focused on and actively developing. In particular, we are talking about the Venom blockchain project and ecosystem, which is scheduled to be released soon and where Everscale is a potential Tier 2 solution.”

The Venom and Everscale teams will work together on the further development of the core and ecosystem that brings blockchain adoption closer to real business use cases. Existing initiatives such as digital asset tokenization platforms, a complete framework for CBDCs and stablecoins, and payment solutions with crypto-to-fiat gateways are already making good progress.

Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said, “This is a milestone for both the Everscale and Venom networks. Everscale’s technological capabilities are huge but underappreciated by the wider audience. Now, Everscale will be able to achieve that.” operating as an experimental network where updates and complex technical solutions can be delivered before they are brought to Venom. This investment will ensure Everscale gets the recognition it deserves.”

Designed as a network of blockchains, Venom has no limit on the number of other ancillary networks at Tier 2, and no limit on the type of economy or operation at Tier 2. This particular architecture means that mass adoption can now be achieved in Venom.

About Everscale

Powered by an endless sharding mechanism, the Everscale network adapts to any workload it assigns, without the size of the load affecting transaction times or transaction fees. This makes it the ideal blockchain for hosting high-scale web3 and other heavy-duty projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia with a thriving community and robust ecosystem of DeFi platforms.

More information about the Everscale network:
website | twitter | whitepaper | Github | Telegram Announcement | Telegram | Discord

About Iceberg Capital

ICEBERG Capital Limited is overseen by the FSRA as an ADGM-based Prudential Category 3C investment manager. ICEBERG Capital is a fast-growing alternative asset management firm that provides diversified investment management platforms that include direct and private equity, venture capital, technology and virtual assets. ICEBERG Capital also offers traditional asset management services such as investment portfolios, proprietary platforms for securities, and blockchain technology.

For more information on Iceberg Capital, visit:

website | LinkedIn

About the Venom Foundation

Venom is the world’s first regulated blockchain. The decentralized network operates under the authority of ADGM with a license to issue service tokens. ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compatible blockchain, giving authorities and businesses the freedom to build, innovate and scale.
A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now has the potential to be a bridge for the adoption of CBDCs in the Middle East, North Africa and worldwide.

For more information on Venom Ventures, visit:
website | twitter

For more information about the Venom Foundation, visit:
website | twitter